Crude Oil Weekly Forecast: Curbed by Trumps Tariffs, Growth Fears

Crude Oil Price Fundamental Forecast: Neutral

Q3 2019 Oil Forecast and Top Trading Opportunities

Markets Brace for Trump Announcement

Against this harsh background, oil is unlikely to push significantly higher in the near-term. While Thursday plunge is being partially trimmed, the price of oil will struggle to move higher in the short- and medium-term with strong resistance between $58.80/bbl. and $61.00/bbl.

US Crude Oil Daily Chart (October 2018 – July 26, 2019)

The IG Client Sentiment Indicator shows retail traders are 66.9% net-long US Crude Oil, a bearish contrarian bias. However daily and weekly changes give us a stronger bearish US Crude Oil bias.

Surprising Crude Oil Facts Every Trader Should Know

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Oil – bullish or bearish？ You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.